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Show Results For
- All HBS Web
(2,108)
- People (1)
- News (435)
- Research (1,507)
- Events (49)
- Multimedia (13)
- Faculty Publications (929)
- December 2010
- Article
Social Preferences and Strategic Uncertainty: An Experiment on Markets and Contracts
This paper reports a three-phase experiment on a stylized labor market. In the first two phases, agents face simple games, which we use to estimate subjects' social and reciprocity concerns. In the last phase, four principals compete by offering agents a contract from... View Details
Keywords: Strategy; Risk and Uncertainty; Markets; Contracts; Decisions; Distribution; Labor; Game Theory
Cabrales, Antonio, Raffaele Miniaci, Marco Piovesan, and Giovanni Ponti. "Social Preferences and Strategic Uncertainty: An Experiment on Markets and Contracts." American Economic Review 100, no. 5 (December 2010): 2261–2278.
- June 2000
- Article
On the Regulatory Application of Efficiency Measures
The last decade has witnessed a change to more powerful incentive schemes and the adoption by a large number of regulators of some form of price cap regimes. The efficiency frontiers literature tackles the problem of measuring the X factor in a price cap regime... View Details
Ruzzier, Christian Alejandro. "On the Regulatory Application of Efficiency Measures." Utilities Policy 9, no. 2 (June 2000): 81–92. (with M. Rossi.)
- 1998
- Article
Alternative Models of Uncertain Commodity Prices for Use with Modern Asset Pricing Methods
By: Malcolm Baker, E. S. Mayfield and John Parsons
This paper provides an introduction to alternative models of uncertain commodity prices. A model of commodity price movements is the engine around which any valuation methodology for commodity production projects is built, whether discounted cash flow (DCF) models or... View Details
Keywords: Asset Pricing; Goods and Commodities; Price; Risk and Uncertainty; Valuation; Production; Projects; Cash Flow
Baker, Malcolm, E. S. Mayfield, and John Parsons. "Alternative Models of Uncertain Commodity Prices for Use with Modern Asset Pricing Methods." Energy Journal 19, no. 1 (1998): 115–148.
Keep Your AI Projects on Track
AI—and especially its newest star, generative AI—is today a central theme in corporate boardrooms, leadership discussions, and casual exchanges among employees eager to supercharge their productivity. Sadly, beneath the aspirational headlines and tantalizing... View Details
- 2022
- Working Paper
How Do Investors Value ESG?
By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed... View Details
Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
Baker, Malcolm, Mark Egan, and Suproteem K. Sarkar. "How Do Investors Value ESG?" NBER Working Paper Series, No. 30708, December 2022. (Harvard Business School Working Paper, No. 23-028, November 2022.)
- February 1989 (Revised November 1991)
- Case
Science Technology Co.--1985
By: Thomas R. Piper
The CEO of a U.S. electronics firm is assessing the financial forecasts and the financing plan prepared by the chief financial officer. Given the cyclicality of the industry and the volatility of the firm's performance, the CEO is unsure as to the usefulness of... View Details
Keywords: Risk and Uncertainty; Change Management; Industry Growth; Forecasting and Prediction; Financial Strategy; Volatility; Electronics Industry
Piper, Thomas R. "Science Technology Co.--1985." Harvard Business School Case 289-040, February 1989. (Revised November 1991.)
- 2022
- Working Paper
Heterogeneous Investors and Stock Market Fluctuations
By: Odhrain McCarthy and Sebastian Hillenbrand
We introduce a heterogeneous agent model which features extrapolative beliefs and time-varying risk aversion. The model leads to an empirical framework which we estimate with stock prices, survey data and risk aversion measures. We find that extrapolative beliefs and... View Details
McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Investors and Stock Market Fluctuations." Working Paper, January 2022.
- December 2011
- Article
Data Impediments to Empirical Work on Health Insurance Markets
By: Leemore S. Dafny, David Dranove, Frank Limbrock and Fiona Scott Morton
We compare four datasets that researchers might use to study competition in the health insurance industry. We show that the two datasets most commonly used to estimate market concentration differ considerably from each other (both in levels and in changes over time),... View Details
Dafny, Leemore S., David Dranove, Frank Limbrock, and Fiona Scott Morton. "Data Impediments to Empirical Work on Health Insurance Markets." B.E. Journal of Economic Analysis & Policy 11, no. 2 (December 2011).
- Article
Risk and the Cross-Section of Stock Returns
By: Mark Seasholes, Radu Burlacu, Patrice Fontaine and Sonia Jimenez-Garces
This paper mathematically transforms unobservable rational expectation equilibrium model parameters (information precision and supply uncertainty) into a single variable that is correlated with expected returns and that can be estimated with recently observed data. Our... View Details
Keywords: Risk Premiums; Cross-sectional Asset Pricing; REE Models; Risk and Uncertainty; Asset Pricing; Investment Return
Seasholes, Mark, Radu Burlacu, Patrice Fontaine, and Sonia Jimenez-Garces. "Risk and the Cross-Section of Stock Returns." Journal of Financial Economics 105, no. 3 (September 2012): 511–522.
The Elasticity of Science
The adjustment costs of science -- getting scientists to study what you want them to -- are very large.
Abstact: This paper identifies the degree to which scientists are willing to change the direction of their work in exchange for resources.... View Details
Abstact: This paper identifies the degree to which scientists are willing to change the direction of their work in exchange for resources.... View Details
- 07 Mar 2016
- HBS Seminar
Scott Stern, MIT Sloan School of Management
- June 2024
- Article
Valuing the Societal Impact of Medicines and Other Health Technologies: A User Guide to Current Best Practices
By: Jason Shafrin, Jaehong Kim, Joshua T. Cohen, Louis P. Garrison, Dana A. Goldman, Jalpa A. Doshi, Joshua Krieger, Darius N. Lakdawalla, Peter J. Neumann, Charles E. Phelps, Melanie D. Whittington and Richard Willke
This study argues that value assessment conducted from a societal perspective should rely on the Generalized Cost-Effectiveness Analysis (GCEA) framework proposed herein. Recently developed value assessment inventories—such as the Second Panel on Cost-Effectiveness’s... View Details
Shafrin, Jason, Jaehong Kim, Joshua T. Cohen, Louis P. Garrison, Dana A. Goldman, Jalpa A. Doshi, Joshua Krieger, Darius N. Lakdawalla, Peter J. Neumann, Charles E. Phelps, Melanie D. Whittington, and Richard Willke. "Valuing the Societal Impact of Medicines and Other Health Technologies: A User Guide to Current Best Practices." Forum of Health Economics and Policy 27, no. 1 (June 2024): 29–116.
- 01 Feb 2019
- HBS Seminar
Xavier Jaravel, London School of Economics
- 01 Jan 2024
- Blog Post
Answers to Your Top Questions about Financial Aid at HBS
program materials fees, room and utilities, and estimated living expenses. 3. What scholarships are available at HBS? While admissions are based on merit, financial aid is awarded based on demonstrated need. HBS has need-based... View Details
- 2020
- Working Paper
Working (From Home) During a Crisis: Online Social Contributions by Workers During the Coronavirus Shock
By: Prithwiraj Choudhury, Wesley W. Koo and Xina Li
Prior research has documented that during mortality-related crises workers face psychic costs and are motivated to make social contributions. In addition, management practices that encourage workers to make social contributions during a crisis create value for firms.... View Details
Keywords: Crisis; Social Contributions; Work From Home (WFH); Cannot Work From Home (CWFH); Social Distancing; Online Communities; Coronavirus; COVID-19; Health Pandemics; Employees; Working Conditions; Internet and the Web; Crisis Management
Choudhury, Prithwiraj, Wesley W. Koo, and Xina Li. "Working (From Home) During a Crisis: Online Social Contributions by Workers During the Coronavirus Shock." Harvard Business School Working Paper, No. 20-096, March 2020. (Revised April 2020.)
- June 2018
- Teaching Note
ALAC International
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
ALAC International (ALAC) was awarded the U.S. distributorship of di-isononyl phthalate (DINP) which provided ALAC an opportunity to increase its sales and profits. But the opportunity required a significant additional investment in working capital. The DINP, shipped... View Details
- February 2018
- Article
Structural GARCH: The Volatility-Leverage Connection
By: Robert F. Engle and Emil N. Siriwardane
During the financial crisis, financial firm leverage and volatility both rose dramatically. Consequently, institutions are being asked to reduce leverage in order to reduce risk, though the effectiveness depends upon the role of capital structure in volatility. To... View Details
Keywords: Leverage; Credit Risk; Crisis Management; Equity; Volatility; Credit; Risk Management; Financial Crisis
Engle, Robert F., and Emil N. Siriwardane. "Structural GARCH: The Volatility-Leverage Connection." Review of Financial Studies 31, no. 2 (February 2018): 449–492.
- Article
Tax Aversion in Labor Supply
By: Judd B. Kessler and Michael I. Norton
In a real-effort laboratory experiment, labor supply decreases more with the introduction of a tax than with a financially equivalent drop in wages. This “tax aversion” is large in magnitude: when we decompose the productivity decrease that arises from taxation, we... View Details
Keywords: Taxes; Labor Supply; Productivity; Experiments; Wages; Human Capital; Performance Productivity; Taxation
Kessler, Judd B., and Michael I. Norton. "Tax Aversion in Labor Supply." Special Issue on Taxation, Social Norms and Compliance. Journal of Economic Behavior & Organization 124 (April 2016): 15–28.
- 2006
- Article
Performance Measure Properties and the Effect of Incentive Contracts
By: J. Bouwens and L. van Lent
Using data from a third-party survey on compensation practices at 151 Dutch firms, we show that less noisy or distorted performance measures and higher cash bonuses are associated with improved employee selection and better-directed effort. Specifically, (1) an... View Details
Keywords: Motivation and Incentives; Data and Data Sets; Problems and Challenges; Performance Evaluation; Compensation and Benefits; Netherlands
Bouwens, J., and L. van Lent. "Performance Measure Properties and the Effect of Incentive Contracts." Journal of Management Accounting Research 18 (2006): 55–75.
- December 2010
- Case
Everything or Nothing: Martti Ahtisaari and the Aceh Negotiations (A)
By: James K. Sebenius and Alex Green
In early 2005, Martti Ahtisaari planned negotiations to end the decades-long conflict between Acehnese insurgents and the Indonesian government that had claimed thousands of lives. The "modern" phase of the insurgency by the fighters from the Free Aceh Movement that... View Details
Keywords: Government and Politics; Negotiation; Conflict and Resolution; Conflict Management; Indonesia
Sebenius, James K., and Alex Green. "Everything or Nothing: Martti Ahtisaari and the Aceh Negotiations (A)." Harvard Business School Case 911-040, December 2010.